Fees not top of mind for clients: Centric Wealth
Findings from Centric Wealth advisory group's first meeting — that value and capital protection are more important to clients than cost — have provided the industry with an important reminder of the fact considering its ongoing focus on fees, according to chief executive Phil Kearns.
"For me and our advisers the most important message was that fees will only be an issue if the client does not believe they are receiving value," he said.
"We think this is an important reminder for our whole industry, given fees have been front and centre of all discussion for so long."
Kearns said the meeting highlighted that world financial market events and effective capital management were also key concerns for clients.
"Clients want advice and reassurance around major financial events, such as the problems in North Korea, and to know how these issues impact the security of their capital," he said.
Adjusting to retirement was another central issue, according to Kearns, who said it would not necessarily come easily to all.
Centric Wealth said its advisory group — which was a conglomerate of 10 of its clients from a variety of backgrounds and financial circumstances — offered a voice for clients to provide strategic input into their own investments and the organisation as a whole.
"Key to any successful client/adviser relationship is the ability to listen to one another to improve the overall client experience as well as generate new opportunities for growth," Kearns said.
"The new advisory group will enable us to find out what we don't know, demonstrate our accountability to our clients and create a real sense of a shared future."
Centric Wealth's advisory group meets quarterly.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
